CPC greenlights boss pick
State-run oil refiner CPC Corp, Taiwan’s (CPC, 中油) board of directors yesterday approved a proposal to tap China American Petrochemical Co Ltd (CAPCO, 中美和石油) president Paul Chen (陳綠蔚) to replace CPC president Arthur Kung (孔祥雲). Chen worked in CPC management for 30 years before joining CAPCO in January last year. He said he plans to maintain current policies to improve CPC’s business. Chen said he planned to increase CPC’s oil and natural gas exploration projects as the company needs to grow its oil and natural gas outputs by up to 10 percent a year to reduce reliance on imports and trim losses. As of Aug. 31, CPC’s accumulated losses were NT$71.3 billion (US$2.41 billion), company data showed.
Formosa refinery still limited
Formosa Petrochemical Corp (台塑石化) yesterday said it plans to maintain the operating rate of its Mailiao refinery in Yunlin County at about three-quarters of capacity after it restarted a unit that reduces sulfur from fuels. The nation’s only publicly traded oil refiner restarted a residual desulfurizer at the 540,000 barrel-a-day plant on Sunday and a crude distillation unit on Sept. 10, company spokesman Lin Keh-yen (林克彥) said. The refinery’s crude processing has risen to 400,000 barrels a day this week, from 300,000 barrels last week, Lin said by telephone. Formosa is in “no hurry” to boost throughput as it has sufficient stockpiles of middle distillates, he added.